Greek Shipowner Enters a "New Era" with Eco-Bulker Orders

by Ship & Bunker News Team
Wednesday December 4, 2013

Greek shipping company Euroseas Ltd. [NASDAQ:ESEA] (Euroseas) has entered a "new era," ordering two eco-design Ultramax drybulk vessels, its chairman and CEO, Aristides Pittas, said in a statement.

"This deal underlines our continued commitment to the drybulk sector and our strategy of conservative growth and renewal of our fleet," Pittas said.

"We believe that investing in young assets when prices are low is a sound proposition as one is to gain not only from the trading of the ships, but also from possible asset appreciation."

The two 63,500 deadweight tonne (dwt) ships will be built at Yangzhou Dayang Shipbuilding Co. Ltd. for a total price of about $56 million.

The vessels are scheduled for delivery in the fourth quarter of 2015 and the first quarter of 2016.

"Both vessels are of eco-design and we expect them to have an additional competitive advantage in the marketplace," Pittas said.

"This contract heralds the further growth of our company alongside with the gradual recovery of the markets that we expect."

Euroseas was formed in 2005 to consolidate the Pittas family's ship owning interests, and its operations are managed by Eurobulk Ltd.

The purchase of eco-bulkers has been the subject of debate among shipowners, with the CEOs of Singapore's Berge Bulk and Hong Kong's Pacific Basin Shipping questioning their value.